Balaji Wafers signs definitive agreement with General Atlantic

Gujarat-based snack maker Balaji Wafers has entered into a definitive agreement to receive a strategic investment from global growth equity firm General Atlantic, according to a report by The Economic Times.

While the investment size has not been disclosed, the company is expected to deploy the capital to strengthen key corporate functions and accelerate its expansion across India, the report said.

Commenting on the development, Chandubhai Virani, Founder and Chairman of Balaji Wafers, said General Atlantic’s deep understanding of consumer businesses, experience in working with founder-led companies and long-term approach to value creation align well with the company’s growth ambitions.

Balaji Wafers had earlier attracted interest from strategic and financial investors including General Mills, PepsiCo, ITC, and private equity firms such as Kedaara Capital, TPG and Temasek. However, talks with several suitors reportedly fell through due to valuation differences, the report added.

The transaction with General Atlantic is expected to close later in 2026, subject to customary approvals.

Balaji Wafers reported annual revenue of Rs 6,500 crore and a net profit of Rs 1,000 crore in the last financial year. The company commands nearly 65 percent share of the organised snacks market across Gujarat, Maharashtra and Rajasthan, selling products including potato chips, namkeen and bhujia.

According to the report, Balaji Wafers is the country’s third-largest salty snacks brand, after Haldiram’s and PepsiCo. The company follows a low-overhead operating model, spending about 4 percent of its revenue on advertising, significantly lower than the industry average of 8–12 percent, allowing it to reinvest in manufacturing and maintain competitive pricing.